Equity Analysis /
Malaysia

MY : Construction - Off to a muted start in 2021

    Sharizan Rosely
    Sharizan Rosely

    Construction and Infrastructure

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    CGS-CIMB
    17 January 2021
    Published byCGS-CIMB

    Termination of KL-SG HSR, MCO 2.0 and declaration of a state of emergency have dampened our earlier expectations of an upbeat 1H21F. Potential silver linings in 1H21F include 12MP, new MRT 3 and new HSR proposals but we are less optimistic due to the current political landscape. Maintain Neutral as recovery catalysts remain distant. Our Add calls are intact on beneficiaries of rail news recovery: YTL Corp, IJM Corp and MRCB.